Credit Card Fix
Is there a Credit Card (Charge Card) Fix?
No matter what you do, the credit card companies have you by the balls. Cancel a credit card and your credit score goes down because you have less credit available to you. Cancel them all and it gets worse, as now you have no credit. Or do you? Unsecured revolving credit card accounts are actually a rip-off themselves. It is much smarter to get a loan to pay off your credit cards and not use them anymore, because the rates that they charge when you actually have a balance are exorbitant.
Face it, a loan shark doesn't get as much these credit card companies do when you are carrying a significant balance. And they don't ever want you to pay them off, either. You are their bread an butter. I am paying 30% or more on some of my cards that promised me a low 12% or 14% introductory rate, now. And on top of that they are throwing every fee you can think of at us, non-use fee, over-use fee, over credit fee, late fee, non-payment fee, processing fee, mailing fee, online access fee, who knows what is next?
Can we say C O R R U P T I O N? I know damn well that I am saying it, because that's what this is, the corruption of the fat cats and bankers who are making millions per year off the backs of the working poor and the struggling middle class.
I am sick of it. How about you?
I am told that the best fix is to stop paying the credit card company until you can negotiate a settlement. Guess what happens to your credit score, then?
There are no easy answers here, and each case is different. But we do need to fix the greed and over-zealous nature of the credit/chage card industry before it destroys American life as we have known it.
What's the real fix? We need to fix the system. Better yet, demolish it and start all over again. This is crap, it's the same as keeping us in debt to the company store. We are slaves to our credit due to poor wages and loan shark interest rates. In the meantime, exectutives and bankers are shafting us with their million dollar a year salaries. This is crazy.
As each case is different, it is important how to understand each case. Credit Card Companies do have the option to work with you in hard ship cases. They can even "charge back" a debt, essentially forgiving it. Bankruptcy is a last resort, banks and credit customers alike will usually benefit much more from a forbearance program.
The object is to become debt free. Be careful, though. There are many good non-profit credit counselors out there. But there are also some for profit scams. This is murky water that you have to wade through on your way out of debt. The credit card company will usually have a recommendation for credit counseling if you have to go into forebearance, and these recomendations can be good sources.
If you are Lutheran (but don't have to be), you might try out Lutheran Social Services for debt/credit counseling.
We can't get ahead this way, we have to fix this corrupt credit system.
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Doug Peters
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